Back
5 Jun 2013
Commodities Brief – Gold operating at session highs above 1400, silver clings to narrow consolidation
FXstreet.com (Barcelona) - Commodity prices have waivered Wednesday, following an afternoon surge on the heels of lackluster US ADP data.
Gold clings to 1400 barrier
The price of gold remains confined within a relatively tight range, trading within a minor triangle formation. However, it should be noted the yellow metals stubbornness in relation to the 1400 barrier as well as an absence of a break from this region in either direction. A breakout of the triangle could suggest the upcoming destination, which presently points towards a bullish uptick towards the 1420 level. Presently, gold is trading at USD $1407.08 per oz. in these moments, paring its European losses and operating at intraday highs.
Silver consolidation holds for now
Silver prices are maintaining a narrow trade, barely changed since yesterday and fixated between the 22.00 support and 23.20 resistance. As such, a bullish breakout scenario remains favored in the near-term, however the Friday payrolls in the United States could certainly dictate any movements in spot prices. At the time of writing, the price of silver is trading at USD $22.69 per oz., also near Wednesday highs.
WTI rebounds
WTI crude oil rallied earlier today, breaking and ultimately settling above the neckline for an inverted head and shoulders pattern, doubling as its 50-day SMA. The price is currently retesting the broken neckline, where if the pattern to complete, the next upside target would be near 95.00 level. Presently, prices have rallied in these moments, as crude prices are trading at USD $94.09/bbl during US trading.
Gold clings to 1400 barrier
The price of gold remains confined within a relatively tight range, trading within a minor triangle formation. However, it should be noted the yellow metals stubbornness in relation to the 1400 barrier as well as an absence of a break from this region in either direction. A breakout of the triangle could suggest the upcoming destination, which presently points towards a bullish uptick towards the 1420 level. Presently, gold is trading at USD $1407.08 per oz. in these moments, paring its European losses and operating at intraday highs.
Silver consolidation holds for now
Silver prices are maintaining a narrow trade, barely changed since yesterday and fixated between the 22.00 support and 23.20 resistance. As such, a bullish breakout scenario remains favored in the near-term, however the Friday payrolls in the United States could certainly dictate any movements in spot prices. At the time of writing, the price of silver is trading at USD $22.69 per oz., also near Wednesday highs.
WTI rebounds
WTI crude oil rallied earlier today, breaking and ultimately settling above the neckline for an inverted head and shoulders pattern, doubling as its 50-day SMA. The price is currently retesting the broken neckline, where if the pattern to complete, the next upside target would be near 95.00 level. Presently, prices have rallied in these moments, as crude prices are trading at USD $94.09/bbl during US trading.